By W, KNA
The 24th edition of the Financial Reporting (FiRe) Award has officially been launched in Nairobi with a renewed call for institutions to adopt international financial reporting standards to enhance transparency, comparability, and accountability.
Speaking at the launch event, FCPA Grace Kamau, chair of the FiRe Award Technical Committee, emphasized the significance of credible financial disclosures in fostering investor confidence and institutional governance.
She acknowledged the continued support from the five promoter institutions including the Capital Markets Authority (CMA), Retirement Benefits Authority (RBA), Nairobi Securities Exchange (NSE), Public Sector Accounting Standards Board (PSASB), and the Institute of Certified Public Accountants of Kenya (ICPAK).
“The integrity and dedication of our technical committee and evaluators have sustained the credibility of this award. Their professionalism is the bedrock of its success,” she affirmed.
Further, Kamau noted that the 2025 theme, ‘Fostering Compliance with International Standards to Enhance Transparency, Comparability, and Accountability’, reflects the growing need for consistent financial reporting in light of global investor expectations and evolving regulatory landscapes.
She encouraged private companies, public sector institutions, and non-profit organizations to submit entries, stressing that participation is free.
“This is not only a platform to showcase your reporting capabilities but also an opportunity to benchmark against global best practices,” announced the chair.
Reiterating her remarks, Nairobi Securities Exchange CEO, Frank Mwiti, underscored the FiRe Award’s impact on enhancing investor confidence and strengthening capital markets.
“The FiRe Awards go beyond the numbers. They recognize institutions that uphold transparency, accountability, and integrity in their reporting processes,” he told stakeholders.
Additionally, Mwiti highlighted the role of transparent disclosures in attracting investment and maintaining public trust stating that in today’s competitive and scrutinized environment, transparency is not a choice but a strategic imperative.
Calling on listed and eligible companies to participate, he noted that entry into the awards serves as a public demonstration of an institution’s commitment to good governance and ethical leadership.
Likewise, the CEO outlined the NSE’s commitment to supporting financial reporting through regulatory frameworks, investor education, and global advocacy.
“As a promoter and participant, NSE remains dedicated to advancing sustainable, transparent, and well-regulated capital markets,” maintained Mwiti.
He also commended the FiRe Award secretariat for their consistency and professionalism in managing the awards process and urged continued collaboration among promoters, regulators, and reporting institutions.
Meanwhile, the FiRe Awards remain a key benchmark for organizations in East Africa, evaluating the quality of financial statements, governance, and sustainability reporting.
Through a rigorous assessment process, the awards promote continuous improvement and shared learning in financial reporting practices.
Similarly, organizers have officially opened submissions for the 2025 edition and are calling on institutions across the region to demonstrate leadership in financial integrity and governance.
The annual awards ceremony, scheduled later in the year, will bring together top performing entities to celebrate excellence in financial reporting and foster dialogue on best practices across sectors.